SETTING THE RECORD STRAIGHT(Publ. 10/17/08) An article about Tesla Motors’ San Jose plans incorrectly referred to Elon Musk as the company’s founder. The company was founded by Marc Tarpenning and Martin Eberhard.

Tesla Motors is putting its Model S sedan on hold, closing the Michigan facility that was working on some of the sedan’s engineering and laying off an unspecified number of people, the company confirmed Wednesday.

Tesla told San Jose officials that it will focus on selling its Roadster and power trains, and that it still intends to build a plant and its headquarters in San Jose, although the schedule may slip a bit.

Production of the Model S in San Jose will be pushed back six months, to mid-2011, said company founder Elon Musk, who also announced that he will assume the role of chief executive officer. He replaces Ze’ev Drori, who becomes vice chairman and continues as a board member.

There are 30 people working at Tesla’s Rochester Hills, Mich., facility, according to a company spokeswoman. The Model S is a five-passenger, four-door luxury car. Its exterior and power train are completed, but the Michigan plant was working on its engineering.

A blog post by Musk on Wednesday blamed the credit crunch for the decision.

“These are extraordinary times,” Musk wrote. “The global financial system has gone through the worst crisis since the Great Depression, and the effects are only beginning to wind their way through every facet of the economy. It’s not an understatement to say that nearly every business will be impacted by what has unfolded in the past weeks, and this is true for Silicon Valley as well.”

Musk said the company’s goal is to become cash-flow positive in six to nine months. To do that, it is ramping down the Michigan facility “in anticipation” of moving vehicle engineering to San Jose, Musk said in his blog. The company will focus on selling its Roadster and power trains.

Instead of trying to raise capital in private markets for the Model S, the company has decided to wait for a federal Department of Energy loan guarantee “at a very low cost” of capital, Musk said. First, the company must receive environmental approval for its planned 89-acre San Jose plant, which Musk said he expected in the second quarter of 2009.

One Web report Wednesday said half of Tesla’s staff would be pink-slipped, but the company denied that. It declined to announce a number, saying a head-count review was still under way, but Musk called the reduction “modest.” Tesla employs 250 people.

The situation raises eyebrows in San Jose, which recently landed Tesla’s factory, as Mayor Chuck Reed announced a North San Jose location with Drori and Musk in a well-publicized ceremony.

Musk told Reed’s staff of the layoffs Wednesday morning. Reed said he understands the decision to trim the company’s staff is related to the global credit crunch, but that it won’t affect plans in San Jose.

“We’re glad they’re not going to be a fatality in this credit crunch,” Reed said.

http://balanceseo.com/analytics/deep-dive-elon-musks-investments-makings-billionaire/ A Deep Dive into Elon Musk’s Investments: The Makings of a Billionaire - Balance SEO

[…] In the next phases of his career, Musk took an iron grip over his investments and influence. He followed-on in Tesla’s funding rounds to maintain his percentage ownership. Also, during a dispute with Tesla, he wasn’t afraid to potentially sacrifice economics for the sake of control, when he converted $8 million of preference stock into common in order to oust CEO Martin Eberhard. Despite not technically founding Tesla, Musk’s hands-on approach and influence meant that he eventually assumed the role of CEO in 2008. […]

https://www.theentrepreneurmafia.com/2017/08/06/deep-dive-elon-musks-investments-makings-billionaire/ A Deep Dive into Elon Musk’s Investments: The Makings of a Billionaire | Entrepreneur Mafia

[…] In the next phases of his career, Musk took an iron grip over his investments and influence. He followed-on in Tesla’s funding rounds to maintain his percentage ownership. Also, during a dispute with Tesla, he wasn’t afraid to potentially sacrifice economics for the sake of control, when he converted $8 million of preference stock into common in order to oust CEO Martin Eberhard. Despite not technically founding Tesla, Musk’s hands-on approach and influence meant that he eventually assumed the role of CEO in 2008. […]

https://lnubla.wordpress.com/2017/08/08/a-deep-dive-into-elon-musks-investments-the-makings-of-a-billionaire/ A Deep Dive into Elon Musk’s Investments: The Makings of a Billionaire – Repository of Knowledge

[…] In the next phases of his career, Musk took an iron grip over his investments and influence. He followed-on in Tesla’s funding rounds to maintain his percentage ownership. Also, during a dispute with Tesla, he wasn’t afraid to potentially sacrifice economics for the sake of control, when he converted $8 million of preference stock into common in order to oust CEO Martin Eberhard. Despite not technically founding Tesla, Musk’s hands-on approach and influence meant that he eventually assumed the role of CEO in 2008. […]

[…] In the next phases of his career, Musk took an iron grip over his investments and influence. He followed-on in Tesla’s funding rounds to maintain his percentage ownership. Also, during a dispute with Tesla, he wasn’t afraid to potentially sacrifice economics for the sake of control, when he converted $8 million of preference stock into common in order to oust CEO Martin Eberhard. Despite not technically founding Tesla, Musk’s hands-on approach and influence meant that he eventually assumed the role of CEO in 2008. […]

[…] shipped to customers, a cash crunch and the recession led Tesla to fire more than 100 workers and shutter an engineering facility in Michigan. The company ultimately pulled out of a death spiral back then. A decade later, with vastly more at […]

[…] shipped to customers, a cash crunch and the recession led Tesla to fire more than 100 workers and shutter an engineering facility in Michigan. The company ultimately pulled out of a death spiral back then. A decade later, with vastly more at […]

[…] shipped to customers, a cash crunch and the recession led Tesla to fire more than 100 workers and shutter an engineering facility in Michigan. The company ultimately pulled out of a death spiral back then. A decade later, with vastly more at […]

[…] shipped to customers, a cash crunch and the recession led Tesla to fire more than 100 workers and shutter an engineering facility in Michigan. The company ultimately pulled out of a death spiral back then. A decade later, with vastly more at […]

"I fully support the principles behind Senate Bill 1: to defeat efforts by the president and Congress to undermine vital federal protections that protect clean air, clean water and endangered species," Newsom said in a written statement.